iPic Houston

ridethectrain on May 26, 2026 at 1:30 am

IPic auction splits theater locations, intellectual property assets Bankruptcy auction advances sale process for Boca Raton theater operator.

Boca Raton, Florida-based luxury movie theater operator IPic Theaters identified separate buyers for portions of its business after completing a bankruptcy auction as the company pushes toward a court-approved sale amid mounting liquidity pressures.

Court filings show Miami-based Cinemex Holdings USA was designated as the successful bidder for IPic’s intellectual property assets, while Los Angeles-based Blue Fox Theaters was named the successful bidder for six theater locations following a May 8 auction, held as part of the company’s Chapter 11 proceedings.

The acquired theater locations include one in Houston’s River Oaks District and others in North Miami; Dallas; Austin; Atlanta; and Fort Lee, New Jersey.

IPic previously told the U.S. Bankruptcy Court for the Southern District of Florida that it needed to complete a sale by May 15 to preserve the going-concern value of its operations, as it faced ongoing cash constraints and employee departures tied to earlier announced layoffs.

Judge Erik P. Kimball approved bidding procedures for the sale process April 28, establishing a timeline that included the May 8 auction and a May 12 sale hearing.

The company initially disclosed plans to permanently close its corporate office in Boca Raton along with theaters in Delray Beach and North Miami Beach, affecting approximately 214 employees whose separation dates were listed as April 28 in WARN notices filed with the state.

Court records show IPic operated 13 leased theater locations across eight states at the time of its February bankruptcy filing and employed approximately 1,300 full- and part-time workers.

Before the auction, local dine-in theater chain Star Cinema Grill was selected as the stalking-horse bidder, according to court documents, and would have been named the purchaser for IPic assets if no better bids emerged. In January 2022, Star Cinema Grill inked lease agreements for two former IPic locations in the Chicago suburbs. In addition to those locations, Star Cinema Grill also has eight locations in Greater Houston and College Station. Its parent company, Sugar Land-based Culinary Khancepts, also operate the historic River Oaks Theatre, Reel Luxury Cinemas in The Woodlands and Hollywood Palms Cinema, Bar & Eatery in the Chicago suburbs as well as several restaurant concepts.

IPic’s sale process drew an objection from Paguro Holdings LLC FZ, which said it entered into a 2023 joint venture agreement with IPic tied to development of IPic-branded entertainment centers, cinemas and food-and-beverage venues in the United Kingdom, Middle East and North Africa.

Paguro stated the venture had already established an entity in the United Arab Emirates, secured a lease for an IPic-branded site, and started construction and build-out work.

The company argued the proposed sale could affect its rights to continue using the IPic brand internationally after Cinemex was designated as the successful bidder for the company’s intellectual property assets. Paguro later withdrew its objection without prejudice ahead of the sale hearing.

In bankruptcy schedules filed in March, IPic reported about $148.3 million in total assets and roughly $107.7 million in liabilities, including more than $100 million tied to lease obligations.

In its February bankruptcy petition, IPic reported gross income of approximately $112.5 million and a net loss of about $19.4 million in 2025.

ridethectrain on March 7, 2025 at 3:43 pm

Seating Capacity:

Theatre 1 38

Theatre 2 65

Theatre 3 54

Theatre 4 64

Theatre 5 38

Theatre 6 54

Theatre 7 64

Theatre 8 68

robboehm on November 17, 2015 at 9:59 am

Cuddle pods with blankets and pillow? What no erotic massage? Whatever happened to the days when you took a seat and watched a movie?